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作者：Leister, C. Matthew; Zenou, Yves; Zhou, Junjie
作者单位：Monash University; National University of Singapore
摘要：We study a coordination game among agents in a network. The agents choose whether to take action (e.g. adopting a new technology) in an uncertain environment that yields increasing value in the actions of neighbours. We develop an algorithm that fully partitions the network into communities (coordination sets) within which agents have the same propensity to adopt. Our main finding is that a novel measure of network connectedness, which we term social connectedness, determines the propensity to...
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作者：Achdou, Yves; Han, Jiequn; Lasry, Jean-Michel; Lions, Pierre-Louis; Moll, Benjamin
作者单位：Sorbonne Universite; Universite Paris Cite; Universite PSL; Universite Paris-Dauphine; Universite PSL; College de France; University of London; London School Economics & Political Science
摘要：We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model-as well as heterogeneous agent models more generally-then boils down to a system of partial differential equations, a fact we take advantage of to make two types of contributions. First, a number of new theoretical results: (1) an analytic characterization of the consumption and saving behaviour of the poor, particularly their marginal propensities to consume; (2) a closed-for...
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作者：Adda, Jerome; Dustmann, Christian; Gorlach, Joseph-Simon
作者单位：Bocconi University; Bocconi University; University of London; University College London; University of London; University College London
摘要：This article develops and estimates a dynamic model where individuals differ in ability and location preference to evaluate the mechanisms that affect the evolution of immigrants' careers in conjunction with their re-migration plans. Our analysis highlights a novel form of selective return migration where those who plan to stay longer invest more into skill acquisition, with important implications for the assessment of immigrants' career paths and the estimation of their earnings profiles. Our...
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作者：Dahl, Gordon B.; Felfe, Christina; Frijters, Paul; Rainer, Helmut
作者单位：National Bureau of Economic Research; University of California System; University of California San Diego; Leibniz Association; Ifo Institut; University of Wurzburg; University of London; London School Economics & Political Science; Prince Mohammed Bin Salman College of Business & Entrepreneurship; University of Munich; Leibniz Association; Ifo Institut
摘要：What happens when immigrant girls are given increased opportunities to integrate into the workplace and society, but their parents value more traditional cultural outcomes? We answer this question in the context of a reform which granted automatic birthright citizenship to eligible immigrant children born in Germany after 1 January 2000. Using survey data, we collected from students in 57 schools and comparing those born in the months before vs. after the reform, we find the introduction of bi...
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作者：Guerreiro, Joao; Rebelo, Sergio; Teles, Pedro
作者单位：Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Banco de Portugal; Universidade Catolica Portuguesa
摘要：Using a quantitative model that features technical progress in automation and endogenous skill choice, we show that, given the current U.S. tax system, a sustained fall in automation costs can lead to a massive rise in income inequality. We characterize the optimal tax system in this model. We find that it is optimal to tax robots while the current generations of routine workers, who can no longer move to non-routine occupations, are active in the labour force. Once these workers retire, optim...
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作者：Bonnet, Odran; Galichon, Alfred; Hsieh, Yu-Wei; O'Hara, Keith; Shum, Matt
作者单位：Institut Polytechnique de Paris; ENSAE Paris; New York University; Institut d'Etudes Politiques Paris (Sciences Po); Amazon.com; California Institute of Technology
摘要：The problem of demand inversion-a crucial step in the estimation of random utility discrete-choice models-is equivalent to the determination of stable outcomes in two-sided matching models. This equivalence applies to random utility models that are not necessarily additive, smooth, nor even invertible. Based on this equivalence, algorithms for the determination of stable matchings provide effective computational methods for estimating these models. For non-invertible models, the identified set...
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作者：Horner, Johannes; Klein, Nicolas; Rady, Sven
作者单位：Yale University; Centre National de la Recherche Scientifique (CNRS); Centre for Economic Policy Research - UK; Universite de Montreal; Universite de Montreal; University of Bonn
摘要：This article considers a class of experimentation games with Levy bandits encompassing those of Bolton and Harris (1999, Econometrica, 67, 349-374) and Keller, Rady, and Cripps (2005, Econometrica, 73, 39-68). Its main result is that efficient (perfect Bayesian) equilibria exist whenever players' payoffs have a diffusion component. Hence, the trade-offs emphasized in the literature do not rely on the intrinsic nature of bandit models but on the commonly adopted solution concept (Markov perfect...
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作者：Angeletos, George-Marios; Lian, Chen
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We revisit the question of why shifts in aggregate demand drive business cycles. Our theory combines intertemporal substitution in production with rational confusion, or bounded rationality, in consumption and investment. The first element allows aggregate supply to respond to shifts in aggregate demand without nominal rigidity. The second introduces a confidence multiplier, that is, a positive feedback loop between real economic activity, consumer expectations of permanent income, and investo...
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作者：Alexander, Diane; Schwandt, Hannes
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University
摘要：In 2008, Volkswagen introduced a new generation of Clean Diesel cars and heavily marketed them to environmentally conscious US consumers. Unknown to the public, these cars were anything but clean, emitting pollutants up to 150 times the level of comparable gas-fuelled cars. We study the rollout of these emissions-cheating diesel cars across the United States from 2008 to 2015 as a natural experiment to examine the impact of moderate levels of car pollution on infant and child health in the gen...
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作者：Borusyak, Kirill; Hull, Peter; Jaravel, Xavier
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; Brown University; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：Many studies use shift-share (or Bartik) instruments, which average a set of shocks with exposure share weights. We provide a new econometric framework for shift-share instrumental variable (SSIV) regressions in which identification follows from the quasi-random assignment of shocks, while exposure shares are allowed to be endogenous. The framework is motivated by an equivalence result: the orthogonality between a shift-share instrument and an unobserved residual can be represented as the orth...
